The Bahamas’ digital currency is currently used domestically.
The Central Bank of The Bahamas, or CBOB, is planning to make its central bank digital currency project interoperable on an international level.
Bobby Chen, the CBOB’s assistant manager of electronic solutions, claimed that The Bahamas’ digital currency — dubbed the “Sand Dollar” — should eventually be interoperable with other global currencies, local news agency the Nassau Guardian reported on Oct. 15.
Chen said, “At the moment, it is currently only used in a domestic setting, but eventually we are working on a solution that will make it interoperable with other global currencies.”
Cleopatra Davis, head of banking at the CBOB, also said that the Sand Dollar’s interoperability with other wallets is a key strategy alongside integrating real-time gross settlement and Automated Clearing House. According to Davis, this will enable the movement of the Sand Dollar to and from user bank accounts, which will further facilitate fiat conversions.
Davis also noted that the API card-less onboarding will be a major component of the national rollout, scheduled for Oct. 20. The executive outlined that the process became “extremely important during the time of COVID-19” because it allows users accessibility to the Sand Dollar without any physical interaction.
The latest news comes follows previous reports of the CBOB’s plans to launch the currency across the entire archipelago in October. The Sand Dollar initiative was launched in 2019, with the government trialing the CBDC on the small islands of Exuma and Abaco in December of that year.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.